Enjoy the rest of your bubble - it's going to burst soon

摘要

'Black-box thinking' is what the airline industry deploys to make flying safer and to reassure people it is the safest form of travel. Lessons learnt from past failures become industry-wide protocols. Unfortunately, REITs don't seem to learn from their past mistakes, meaning that property valuations continue to be dependent on high and probably unrealistic rental growth assumptions that deny the 'Brexodus' risk and the relentless smartphone-enabled rise of online retailing.